EquityPandit’s Outlook for Nickel for the week  (Feb 4, 2019 – Feb 8, 2019) :

NICKEL:

NICKEL closed the week on positive note gaining around 7.60%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 850 to 860 where long term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 880 to 890 where Fibonacci levels are lying. During the week the commodity manages to hit a high of 908 and close the week around the levels of 906.

Minor support for the commodity lies in the zone of 890 to 900. Support for the commodity lies in the zone of 870 to 880 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of around 840 to 850 where break out levels and long term moving averages are lying.

Resistance for the commodity lies in the zone of 910 to 920 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 950 to 960 where Fibonacci levels and high for the month of October-2018 are lying.

Broad range for the commodity in the coming week can be seen between 860 – 870 on downside & 950 – 960 on upside.